March 04, 2006
Saturday PM

To answer Rudy McGillvray's excellent question: "what is the rationale for keeping secret the details of the operation of our Permanent Fund", I will quote Mike Burns, the CEO of the Permanent Fund directly.

In a letter dated January 13, 2006, Mr. Burns said " The APFC is bound by AS 37.13.200 to hold confidential the particulars of the business or affairs of a private enterprise or investor. Private equity and absolute return managers are private firms through which we invest. The underlying information regarding their investment strategies and the particulars of their private partnerships and the funds in which they invest may not be released".

Clearly, the rationale is that the Permanent Fund Board of Trustees is using state law to hide behind in their efforts to maintain a veil of secrecy over some of the investments in the Permanent Fund. The law (AS37.13.200) is interesting because it appears to actually mandate the secrecy to which I and Mr. McGillvray so stenuously object. Only the legislature can solve this problem, which was my point. The law should be reversed.

Mary Lynne Dahl
Ketchikan, AK - USA

About: About: Mary Lynne Dahl is a 9 year resident of Ketchikan, a Certified Financial Planner® since 1984, a partner in Otter Creek Partners which is a registered investment advisor firm in Alaska and Washington, a published author on investment issues, a wife, a mom, a grandmother and owner of a fine boxer dog; she sails Southeast Alaska, keeps a modest garden and does not intend to move south any time in the future.

Related Viewpoint:

WHAT'S GOING ON WITH THE PERMANENT FUND!!! By Rudy McGillvray - Ketchikan , AK - USA

 

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